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Rs. 75,000 crore electronics manufacturing projects to be approved

As per reports by DNA Money, two major electronicsmanufacturing projects worth Rs. 75,000 crore, will soon see the light of day as Ministry of Electronics and Information Technology (MeitY) is close to approving them under its modified special incentive package (MSIP) scheme.

The ministry is also planning to request the government for increasing cap on subsidy provided to MSIPs.

As per reports by DNA Money, two major electronicsmanufacturing projects worth Rs. 75,000 crore, will soon see the light of day as Ministry of Electronics and Information Technology (MeitY) is close to approving them under its modified special incentive package (MSIP) scheme.

The ministry is also planning to request the government for increasing cap on subsidy provided to MSIPs.

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Goals set by MeitY

MeitY has set the goal of zero net imports in the electronics sector by 2020 and is currently witnessing a large number of investment proposals. The current cap on subsidy for MSIP is fixed at Rs. 10,000 crore which the ministry seeks to increase.

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Investment proposalsInvestments received by MeitY for MSIP scheme

At least 248 applications with investments of nearly Rs. 145,030 crore have been received. Out of this, only 87 proposals worth Rs. 19,440 crore have been approved.

June 2012MSIP gets approval for providing special incentive package

The MSIP was approved to provide a special incentive package to promote large scale manufacturing in the electronic system design and manufacturing (ESDM) sector in June 2012.

The scheme provided a subsidy for capital expenditure: 20% for investments in special economic zones (SEZs) and 25% in non-SEZs.

In August 2015, the scheme was amended for scope enhancement and simplified procedures.

AnalysisRs. 35 lakh crore investments expected over next 5-10 years

Mentioning the growth in this sector, Minister for Electronics and IT Ravi Shankar Prasad said, "We expect $500 billion (Rs 35 lakh crore) investments in the next 5-10 years and would generate around three crore jobs."

Going by the statistics, electronics manufacturing sector will see a tremendous boost in future.